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VW spending $2.2B to expand in China's electric car market
By: By JOE McDONALD
Updated: May 29, 2020 - 2:04 AM
BEIJING — (AP) — Volkswagen is spending 2 billion euros ($2.2 billion) to expand its presence in China’s electric car industry in the biggest foreign investment announced since the country's economy began to reopen following the coronavirus pandemic.
Volkswagen AG said Friday it will buy control of its electric vehicle venture with a Chinese partner in a 1 billion euro ($1.1 billion) deal. The German automaker said it would spend another 1 billion euros ($1.1 billion) to become the biggest shareholder in a battery producer.

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